Homeplus, which initiated corporate rehabilitation procedures (court management), faced a crisis with the departure of its partners but has now breathed a sigh of relief.
According to the retail industry on the 7th, OTOKI, which had temporarily suspended shipments to Homeplus, decided to resume deliveries from the afternoon of that day. This decision came after discussions regarding financial measures with Homeplus.
Food giants such as CJ CheilJedang and Nongshim continue to deliver normally without interruption.
Other partners, who were concerned about not receiving payments, are closely monitoring Homeplus's cash execution capabilities and weighing the resumption of deliveries. Although Homeplus has resumed payments for general commercial receivables, it has only revealed plans for deposits on a portion of the total receivable amount, leading creditors to demand information on payment plans for the remaining receivables.
Homeplus stated, "We resumed payments for general commercial receivables in stages with available cash of 300 billion won from the previous day and are persuading partners to resume deliveries," adding that "a positive atmosphere is being created."
On the 4th, the court accepted Homeplus's application for corporate rehabilitation procedures (court management), temporarily halting payments on all debts.
As Homeplus's funding was frozen until the morning of the previous day, OTOKI, LOTTE Wellfood, Lotte Chilsung, Samyang Foods, Dongsuh, and LG Electronics subsequently suspended their deliveries.
In response, Homeplus resumed payments for general commercial receivables from the afternoon of the previous day. The company explained that its current available cash balance stands at 309 billion won, and it expects that net cash inflow from business activities this month alone will be around 300 billion won, assuring there would be no issues with paying the general commercial receivables. They also stated, "We plan to sequentially repay the full amount of the general commercial receivables."
A Homeplus official said, "With the initiation of rehabilitation, the repayment of 2 trillion won in financial debt is deferred, and there will be no issues with settling payment for deliveries using cash generated from Homeplus's business activities."
Despite this, some partners, tenants, and subcontractors express anxiety over the ambiguity of Homeplus's funding execution plans. Specifically, tenants using Homeplus's cash registers and receiving settled revenue excluding rent have reportedly not been paid for their January sales to date.
Homeplus has about 1,800 delivery partners and 8,000 tenants.
Homeplus clarified that, "Among the general commercial receivables, public interest claims arising within 20 days from the initiation date (4th) can be paid immediately, but claims that arose prior require court approval for payment," and added, "Preparations are in place to execute the January settlement for tenants as soon as court approval is obtained."